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1Portfolio Management and Strategic Management Concepts and OrganizationPortfolio Management and Strategic Management Concepts and Organization
2Portfolio Management is all the brands, services and companies under an organizations umbrella. Many times the organization is too large to look at it as a whole. A simple way to define portfolio management is “centralized management of one or more portfolios that enable executive management to meet organizational goals and objectives.” ("PMI Project ManagementInstitute," 2018). In Portfolio management relates to project management in some ways. Portfolio management's concepts should support an organization's mission and goal. In a dynamic PPM, you will find project-based and non-project-based organizations. Portfolio Management and how it relates to Project ManagementProject management often concentrates on a project that has been recognized by a portfolio management team or PMO. The project should support the companies’ mission and its goals. There are some similarities between portfolio and project management; the differences of managing projects and managing an entire portfolio of projects across functional lines require a different skill set, abilities, and executive support throughout the organization. Project management is an oversight and coordination of tasks, to be conducted to support a product or service. Portfolio management relates in ways to project management by setting the goals and mission of each project. Portfolio management guarantees that an organization can control their project selections as well as their successful completion. It also refers to the integrated management of one or more project portfolios to achieve organizations strategic objectives.